The perfect age to downsize is 64, research revealed today (Tuesday 14 July 2015) at the start of the 50+ Show in London.
A detailed study found this is the time when people are generally mentally agile enough to be able to deal with the buying and selling of properties, and are fit enough physically to be able to handle the move.
According to the study of 1,000 people aged 60 plus, this is the age where ridding of unused space, extra rooms or hard to manage gardens pays off.
And seven in ten said they would be young enough to make the most of a new place at this age, while being able to settle in without burdening children with the stresses and strains of the process proved important.
The research was commissioned by Retirement Move – a unique new service which aims to be a “one stop shop” to help retired or retiring people to move with ease throughout the UK.
It found half of over 60’s admit they struggle to maintain their property and a third finding it hard to keep on top of their garden.
One in five said their home feels empty and three in ten said they have rooms which they don’t use very often.
Richard Drew, CEO of Retirement Move says: “The results show that people want to make the most of later life and sometimes they can be restricted in that due to being tied to a property they struggle to fill or maintain.
“The prospect of moving home is daunting whatever your age but downsizing at the right time can help avoid years of struggling to manage a larger space or feeling overwhelmed with your current property.
“Moving at the right time means retirees can get the best out of their new homes, ensuring a focus on living a fulfilling and enjoyable time of life, rather than worrying about property maintenance or upkeep for a place that’s no longer suitable.” He confirms.
The study also found a fifth of respondents have no family members within 45 minutes of them. With one in five of people over sixty worried about retirement and their next move, nearly 40 per cent are thinking about downsizing in the future.
A third plan to relocate to a much smaller place and the same number want to move nearer to amenities like doctors and hospitals.
Most of those polled – 62 per cent – feel tied down having invested the majority of their money in their current property. While three in ten said they are worried about having to get rid of furniture and other possessions.
The study also saw 1,000 people in their 40s and 50s questioned on their elderly parents and found three in ten are worried about looking after their parents as they get older.
While over a quarter are concerned they live too far away from their parents to help them.
As much as half of those polled said they feel guilty about the amount of time they are able to give their parents.
However, 36 per cent worry about being a burden to their children and other family members.
Richard Drew confirmed:“We’ve seen first-hand that life really does begin at 60 … and part of planning for retirement is not about the ‘end’ but about new beginnings.
“Being able to make decisions about moving when you feel mentally and physically able is really important, and our new service is about making that move as easy as possible so that retirees can enjoy the next stage in their lives.”
